PAKISTAN GENERAL INSURANCE LIMITED vs SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN S

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PAKISTAN GENERAL INSURANCE LIMITED VS SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN S. 33(1)---Insurance Ordinance (XXXIX of 2000), S. 130 (2)---Alternate and efficacious remedy, availability of---Performance bond---Encashment---Petitioner assailed order passed by Ombudsman directing it to encash performance bond---Appeal filed by petitioner under S. 130(2) of Insurance Ordinance, 2000 was dismissed---Validity---Matter was not of insurance claim and complaint lodged by respondent was non-payment of unconditional and irrevocable performance bonds executed by petitioner---Petitioner repudiated claim of performance bonds without any lawful excuse---Performance guarantee, letter of credit and Bank guarantee were autonomous and independent contracts and the same were irrevocable in character---Petitioner did not deny execution of irrevocable and independent contracts of performance bonds---Contractors did not complete their work/job within stipulated period, even extended period more than actual/agreed time---According to performance bonds petitioner was not righteous to raise any query about terms and conditions or obligations in between the parties---Petitioner had undertaken to pay on first written demand without cavil or argument and without needing to prove or to show grounds or reasons for demand of encashment---No factual controversy was present between parties which required recording of evidence---Petitioner was not justified in repudiating claim, which was act of dishonesty and mal-administration on its part---Petitioner under the same hierarchy, also filed appeal against order in original, wherein they did not raise any objection upon jurisdiction, which had been agitated in Constitutional petition---Petitioner failed to avail alternate remedy in the form of appeal against order of SECP under S. 33(1) of Securities and Exchange Commission of Pakistan Act, 1997---Ultimate appellate jurisdiction also rested with High Court under S. 34(1) of Securities and Exchange Commission of Pakistan Act, 1997--- Constitutional petition was dismissed, in circumstances.

PAKISTAN GENERAL INSURANCE LIMITED vs SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN S — 2022 CLD 1528 LAHORE-HIGH-COURT-LAHORE

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